Assessment Due Date – July 1, 2019
All Washington State Money Transmitters and Currency Exchangers Annual Assessments are due by close of business on July 1, 2019. In order to avoid late fees and penalties, all assessment reports and payments must be filed by close of business (5pm Pacific Standard Time) on July 1, 2019. This means you must have submitted your annual assessment online, uploaded all necessary documents/information into NMLS, attested to the accuracy of the report, and make your electronic payment through the system by that deadline. We suggest you begin the process early to ensure a timely filing
About the Online Annual Assessment System
In an effort to streamline the filing process, DFI utilizes an online assessment filing system. This system allows you to file the Annual Assessment Report (AAR) as well as make an electronic payment via Credit Card (Visa, MasterCard, American Express and Discover card) for assessment fees up to $10,000.00; or via E-Check Payments.
See also: Step by Step Instructional Guide
Frequently Asked Questions
Why is the calculated assessment fee different this year?
The Department decided to waive a portion of the annual assessment for activities conducted in 2018. The Department has authority to waive fees under RCW 19.230.320. Specifically, for activities conducted during the calendar year 2018, your annual assessment will be based upon the same approach as prior years, except that the Department will waive 40 percent of each licensee's assessment. This annual assessment partial fee waiver is temporary, but we will continue to evaluate the possibility of additional fee waivers going forward.
What if I did not become licensed until after the 2018 calendar year?
If you became licensed in 2019, you do not need to file this year’s assessment. You will begin filing next year.
What if I was licensed, but I did not do any business in Washington during the 2018 calendar year?
Even if you did no business in Washington during 2018, if you are currently licensed you must file the report with DFI by July 1, 2019.
What happens if my company files after the July 1, 2019 deadline?
If you file after the deadline, DFI may suspend your license and assess a late fee equal to ten percent of the annual assessment if paid thirty or fewer days late and twenty-five percent of the annual assessment if paid more than thirty days late.
Can I provide my annual assessment and payment outside of the online system?
No. DFI only accepts annual assessment filings through the online system. If you submit your annual assessment and payment outside of the online system, DFI will reject your submission and you will have to re-submit your filing and payment electronically. You must complete your online filing by the July 1, 2019 deadline to avoid license suspension and late fees.
What if I am not the proper person to complete this request?
Immediately contact the person in your company responsible for reporting. Licensees are responsible for keeping DFI informed of changes to the primary regulatory contact person for your company. If the contact information has changed, please update the NMLS system accordingly.
What constitutes a complete filing?
A complete filing includes the following items.
Documents that must be uploaded into NMLS by July 1, 2019:
- Year-end financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). Financial statements for money transmitter licensees must be audited
- Amendments to report any material changes not previously reported, if applicable
- Current list of locations serving Washington, if applicable
Through DFI’s Online System:
- You will need the last 5 digits of your Washington specific license number to begin
- Volume for each type of activity for the year
- Company’s permissible investments at year end
- Company’s company-wide average daily outstanding transmission liability for the month of December 2018
- You will be required to confirm that your financial statements, material changes (if applicable), list of locations (if applicable), are up to date in NMLS
- Attest to the accuracy of your report
- Pay your annual assessment fee for the entire amount due through the online system
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